Breakneck wallet executive is warning that the speed of Crypto adoption may result in whiplash. Though Crypto adoption is booming in 2021, we do not know how long the celebrity-fueled hype train lasts.
James Bay, the director of STICPAY, warns that the trend continuity could depend on the actions of the Bitcoin evangelists like Elon Musk. He also said that more cryptocurrencies were gaining reputations as a potential source of value, but Bitcoin was still at the forefront.
Raise in Crypto deposits
This mobile payment app reported a 48% increase in the Crypto deposit during the first quarter of the year, whereas the Fiat deposits remained static. Bitcoin is the choice of currency for most of STICPAY’s e-wallet users.
In addition, the Bitcoin deposits are eclipsing deposits of Ether, Tether, and Litecoin 38 times over. Moreover, the firm reported a 185% increase in the number of users converting Fiat to Crypto through the wallet’s built-in currency converter when compared to the same time last year.
The eclipse got accompanied by a 12% decrease in the number of users swapping Crypto back to fiat. MicroStrategy’s Michael Saylor has recently announced the purchase of another 271 BTC hours after Musk’s reversal on Bitcoin payments.
However, over $1 billion worth of Bitcoin is still on the Tesla balance sheet. The situation is drawing criticism from the industry observers who feel that Musk willing to profit from the coin though he deems it as environmentally hazardous. It is a clear sign of hypocrisy.